Ethereum (ETH) price continues to dominate discussions in the cryptocurrency market as analysts predict a possible rise to $10,000. Despite recent fluctuations, Ethereum has maintained its position as a key player in the blockchain ecosystem, providing unique value through its smart contract capabilities and broader decentralized finance (DeFi) ecosystem.
Let’s take a look at the latest price movements, whale activity, and technical indicators that suggest significant upside potential for Ethereum.
Ethereum’s current market movements
Recent price trends
On Monday, November 18, the price of Ethereum fell 11% to $3,058 from its monthly high of $3,445. These declines indicate local technical adjustments as market dynamics change.
Whale Activity Signals Selling Pressure
Ethereum price decline coincides with increased whale activity. Data from LlamaFeed shows that $300 million worth of ETH was moved by whales in the last 24 hours. Notable deals include:
Transfer 50,000 ETH (worth $153 million) to Kraken for just $12.80 transaction fee.
Another whale moved 15,579 ETH (worth $47.8 million) to Coinbase.
These movements often precede liquidations and indicate potential short-term selling pressure.
Impact of spot ETF outflow
Spot ETFs tracking Ethereum experienced outflows for the second day in a row, with $59.8 million flowing out on Friday. This is a significant increase from $3.24 million the previous day. The Ethereum ETF received $178 million in inflows, but this pales in comparison to the Bitcoin ETF, which accumulated $27 billion.
Ethereum’s performance in the DeFi ecosystem
Ethereum’s decentralized exchange (DEX) trading volume fell 4.7% to $850 million over the past 24 hours, lagging behind smaller networks such as Solana (SOL), which handled $5.92 billion. Other competitors such as Base, Binance Smart Chain (BSC), and Arbitrum also recorded higher trading volumes, processing $1.28 billion, $1.27 billion, and $992 million respectively.
A Catalyst for Ethereum’s Bullish Outlook
Analyst Prediction: Long-term rise to $10,000
Despite the current headwinds, analysts remain optimistic about Ethereum’s long-term potential. One standout prediction suggests a 226% rally and predicts that the Ethereum price could reach $10,000.
Key factors supporting this prediction include:
Deflationary Dynamics: Ethereum’s tokenomics have shifted to a deflationary model, especially after the implementation of EIP-1559, which consumes a portion of transaction fees.
ETF’s Staking Potential: If Ethereum staking is likely to be incorporated into an ETF, additional demand for ETH could push its price higher.
Technical Analysis: Bullish Indicator for Ethereum
Ethereum’s technical chart shows promising signs of a potential reversal.
Golden Cross Formation:
Ethereum’s 200-day and 50-day exponential moving averages (EMAs) are on the verge of forming a golden cross pattern. These bullish signals often precede the upward momentum of the price trend.
Fibonacci retracement support:
Ethereum’s recent selling has slowed at the 50% Fibonacci retracement level, suggesting strong support.
Pricing Target:
Analysts highlight $3,447 as an immediate target, and a potential breakout could push ETH to this year’s high of $3,972.
What’s next for Ethereum?
Although short-term issues such as whale activity and ETF outflows are causing temporary disruption, Ethereum’s long-term prospects remain strong. Factors such as deflationary token economics, staking potential, and technical strength indicators make Ethereum a key asset for investors.
As blockchain technology advances, Ethereum’s role in DeFi, NFTs, and other decentralized applications continues to drive demand. Analysts and investors will be closely watching ETH’s price movements in the coming weeks, and a possible rebound presents a promising opportunity.
conclusion
Ethereum’s price forecast to rise to $10,000 reflects the cryptocurrency’s strong fundamentals and growth potential. Despite the recent correction, optimistic technical indicators and long-term catalysts such as deflationary token economics and staking developments suggest that Ethereum is well-positioned for continued growth.
Investors must remain vigilant, conducting thorough research while monitoring market trends and technological developments. Ethereum (ETH) continues to be a cornerstone of the cryptocurrency ecosystem, providing opportunities for short-term gains and long-term value creation.
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